Congress’ oversight body reviews responses to its questions from Treasury and the Fed.
The Congressional Oversight Commission is one of several safeguards built into the CARES Act that aim to ensure the government’s actions justify the measure’s $2.2 trillion price tag. Its role is to report on how Treasury and the Federal Reserve are spending the $500 billion set aside to support companies and state and local governments, and how those choices affect the financial well-being of Americans and the broader economy.
In its second report, the COC summarizes actions by Treasury and the Fed since its earlier report, and reviews their responses to some of the questions posed in that report.
The Congressional Oversight Commission was created by the CARES Act stimulus law to oversee economic stability efforts by the Treasury and Federal Reserve. It has two members appointed by the leadership of each party, and a chairperson appointed by both. As of mid-July, the Commission had released two reports and lacked an appointed chair, staff, or a budget. Read the Commission's first report here.